The Gilded Age: Industry, Business, and Social Change

The Gilded Age: Industrial Growth, Big Business, and Social Change

Reading Part 2: The Rise of Big Business

Entrepreneurs like Andrew Carnegie (steel), John D. Rockefeller (oil), and Cornelius Vanderbilt (railroads) built massive business empires. These "captains of industry" used vertical and horizontal integration to create monopolies, controlling entire industries. While their businesses drove economic growth and created jobs, they also led to concerning practices:

• Price fixing

• Elimination of competition

• Poor working conditions

• Low wages

• Child labor

The western states experienced economic growth through mining, cattle ranching, and agriculture. However, farmers often struggled with high railroad shipping rates and falling crop prices, leading to significant debt.

Reading Part 3: Reform and Resistance 

1. Labor Unions: Organizations like the Knights of Labor and the American Federation of Labor fought for:

• 8-hour workday

• Better working conditions

• Higher wages

• End to child labor

2. The Populist Movement: Farmers and workers united to demand:

• Government regulation of railroads

• A graduated income tax

• Direct election of senators

• Reform of the banking system

3. Government Regulation:

• Interstate Commerce Act (1887) regulated railroad rates

• Sherman Antitrust Act (1890) prohibited monopolies

• Various state laws limiting work hours and child labor